Why Inequality is Hazardous to Your Health

The richest Australians saw their wealth rise at more than triple the pace of the poorest as the economy withstood the global recession of 2009, a government report shows.

Average net worth jumped 15 per cent to $2.2 million for the wealthiest households in the four years through June 30, 2010, compared with a 4 per cent gain to $31,829 for those at the other end and an 11 per cent increase to $427,168 for those in the middle, the Australian Bureau of Statistics said in a report released today.

The local economy has avoided a recession for two decades as demand for iron ore, coal and natural gas from Asia’s developing economies bolsters exports, keeps unemployment near 5 per cent and lifts wages.

OccupyWallStreet has come out of nowhere (well, out of Vancouver's Adbusters) to become a strange new event. Via The New York Times: On Wall Street, a Protest Matures. Excerpt:

“Is this Occupy Wall Street thing a big deal?” the C.E.O. asked me. I didn’t have an answer. “We’re trying to figure out how much we should be worried about all of this,” he continued, clearly concerned. “Is this going to turn into a personal safety problem?”

As I wandered around the park, it was clear to me that most bankers probably don’t have to worry about being in imminent personal danger. This didn’t seem like a brutal group — at least not yet.

But the underlying message of Occupy Wall Street — which spread to Boston, Chicago and Los Angeles on Monday — is something the big banks and corporate America may finally have to grapple with before it actually does become dangerous.

What’s the message?

At times it can be hard to discern, but, at least to me, the message was clear: the demonstrators are seeking accountability for Wall Street and corporate America for the financial crisis and the growing economic inequality gap.

And that message is a warning shot about the kind of civil unrest that may emerge — as we’ve seen in some European countries — if our economy continues to struggle.

“Ultimately this is about power and greed, unchecked,” said Jodie Evans, the co-founder of Code Pink. She, too, said she wanted to see Wall Street executives go to jail.

Consider the protests a delayed reaction to the financial crisis that has now reached a fever pitch as the public’s lust for scalp has gone unfulfilled. In Chicago on Monday, one sign read: “If corporations are people, why can’t we put them in jail?”